Blockchain In Banking 2020
However the Blockchain Technology was invented to power cryptocurrencies like bitcoin, but the real impact of blockchain creates an opportunity for various industries other than cryptocurrencies. Especially, Banking is one of the areas that found the technology useful. Normally, banking sectors perform many steps to keep the payments secure and safe due to the presence of mediators. The involvement of middlemen increases expensive of banking sectors and also increases fraudulent activities. Hence to overcome all these issues, blockchain is taken forward. The main characteristic of blockchain is a distributed ledger, that keeps a record of various transactions around the globe. In the Banking sector, there are millions and millions of transactions are found across various regions. Hence, blockchain in banking is thought to be the perfect solution to minimize the risks in the payment process. This technology in banking will keep an immutable record of ownership and enable tra...